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  #11  
Old 05-04-2012, 02:44 PM
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CANative CANative is online now
 
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Randolf's being a troll.

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  #12  
Old 05-04-2012, 03:43 PM
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tips for those starting out: In this business we are authors. We also review our piers; thus we are also critics. Our composure's are critiqued. Experienced authors and critics gain a keen sense of awareness. After a while, as critics, we can start to see the author, when we review their work. Their intellect, their insecurities, all their personality strengths and weaknesses. When I read these posts, i feel the same way. Do ya notice the personality strengths and weaknesses? The intellect & insecurities of the author? My advise: take pride in your composure's and critiques. Those of us who read your work, can see more than you might think.
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  #13  
Old 05-04-2012, 03:55 PM
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sandpiperapp sandpiperapp is offline
 
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Quote:
Originally Posted by residentialguy View Post
tips for those starting out: In this business we are authors. We also review our piers; thus we are also critics. Our composure's are critiqued. Experienced authors and critics gain a keen sense of awareness. After a while, as critics, we can start to see the author, when we review their work. Their intellect, their insecurities, all their personality strengths and weaknesses. When I read these posts, i feel the same way. Do ya notice the personality strengths and weaknesses? The intellect & insecurities of the author? My advise: take pride in your composure's and critiques. Those of us who read your work, can see more than you might think.
Man you are funny, a little twisted perhaps, but funny.
As in our reports, you should note that Bob made a material contribution to your post.
  #14  
Old 05-04-2012, 03:59 PM
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Man you are funny, a little twisted perhaps, but funny.
As in our reports, you should note that Bob made a material contribution to your post.
Ok. Sorry for the mis-spelled words in post 12....Bob made me do it
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  #15  
Old 05-04-2012, 04:38 PM
leelansford leelansford is offline
 
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Originally Posted by celilola View Post
...

Can the report be completed AS IS value, but still employ a hypothetical condition that the damage is repaired??

...

To answer your question (assuming here that you are offering but a single opinion of value): No.

.
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  #16  
Old 05-04-2012, 07:43 PM
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To answer your question (assuming here that you are offering but a single opinion of value): No.

.
Simple enough. Thanks very much!!!!!!
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  #17  
Old 05-04-2012, 11:46 PM
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Quote:
Originally Posted by celilola View Post
I might be having a senior moment....but simple question.

Subject has some minor water damage to a very small portion of the siding. No evidence of termite damage. Can the report be completed AS IS value, but still employ a hypothetical condition that the damage is repaired??

For some reason Im going round and round, but I have a feeling the answer is right in front of me.
I am going to intentionally confuse you now and refute Brother Lansfords answer.

Given that you've failed to outline the SoW that must be first considered in any possible answer to your question, the only correct answer is...

MAYBE and THAT DEPENDS

The reason is due to the fact that posters with "simple questions" that utterly fail to outline the SoW the question(s) are based upon have not asked simple questions at all. The only thing they have done is cause a thread that proves most the responders should have required SoW details before answering.
  #18  
Old 05-05-2012, 12:10 AM
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Quote:
Originally Posted by Webbed Feet View Post
I am going to intentionally confuse you now and refute Brother Lansfords answer.

Given that you've failed to outline the SoW that must be first considered in any possible answer to your question, the only correct answer is...

MAYBE and THAT DEPENDS

The reason is due to the fact that posters with "simple questions" that utterly fail to outline the SoW the question(s) are based upon have not asked simple questions at all. The only thing they have done is cause a thread that proves most the responders should have required SoW details before answering.
It appears certain ducks like to argue about SoW, and many times rightfully so. However I am trying to think of any type of SoW that would let an As-Is value have a HC. A HC is something we know to be not true and therefore I cannot I cannot think of a SoW that would allow an As-Is to have a HC.

I will agree with Mr. Lansford.
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  #19  
Old 05-05-2012, 07:26 AM
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To answer your question (assuming here that you are offering but a single opinion of value): No.

I agree with the above.

One comment, make sure your condition rating reflects the amount of damage you observed, and explain.

If rest of house is well maintained and the water damage is confined to a very small area, explain why house has a "C3" rating, despite the small area of water damage.

If the damage is a larger area, and/or the rest of the house needs updating, the roof is older, etc, you might give it a C4 rating, and explain.

Anything below a C4 rating, per guidelines now for most lenders, needs to be made "subject to repair", (repairs being those needed to bring the subject to a C4 rating)

Last edited by J Grant : 05-05-2012 at 07:31 AM.
  #20  
Old 05-06-2012, 11:45 AM
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Default Value must be defined.

Sigh........ We're all going to have to stand in a circle and sing camping songs on this one. I see it coming.

I'll have to offer a cure to the form think illness taking place here as it is highly contagious.

When we produce reports without HCs invoked for mortgage purposes with URAR reporting, I have to refute that these reports contain "As-Is Value" conclusions. They cannot. The USPAP requires that all types of value opined within appraisal reports be defined. If an appraiser believes they are opining “As-Is Value,” I suggest they had better be quoting their source for a definition of the "As-Is Value," that they are using and then be explaining why it is they are opining to two value definitions for the mortgage assignment.

Many in the appraisal trade have seriously confused Fannie forms CB1 to mean "As-Is Value," when it cannot mean that or this would mean years of URARs based appraisal reports all violate the USPAP as none of the appraisers involved supplied a definition for that value type. Fannie, in her constant hurry and lack of appraisal acumen, should have used the words "This appraisal report is made ...” in the reconciliation sections of the Fannie appraisal report forms. Once we clear up that it is the reports that are "As Is," not the values, things begin to fall into place. Additionally, an opined market value can be subject to a condition as described in a report. That does not make it a "Subject To Value," it makes it a “Subject To” report.

I feel what confuses the trade is too many trade members mentally substituted “value” for “report” whenever they think about reconciliation section check-boxes of form reporting. It is needed for the trade to recognize that those forms are really communicating something else meant by those check-boxes. CB1 one should be viewed to mean “No Action Required” for the opined value to be credible. The other check-boxes should be viewed to mean “Action Required” for the opined value to be credible. This is debatable regarding proposed new construction, as I would agree that the value conclusion should be viewed credible even if the construction never takes place. Regardless, the value used was market value, not some other value.

Hence, it is entirely possible to craft a SoW that does not employ any form reporting to invoke a hypothetical condition yet have no action required for the opined value to be credible. Therefore, once under the umbrella of the hypothetical, the REPORT is “As Is.” Some could say such a report to be “As If,” but the main thrust still remains that there is no action required for the opined value to be credible. If the value for the assignment is defined to be “Market Value” the value is precisely that, it is not “As-Is Value” and it is not “As-If Value” either.

Thank You,
Webbed

Last edited by Webbed Feet : 05-06-2012 at 11:51 AM.
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